Online invoice payments termination

https://help.myob.com/wiki/x/ZgTYB

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If you've received an email, in-product message or SMS that your online invoice payments service will be terminated, this help topic details why and what you can do to reapply for your service.

Customers of MYOB’s online invoice payments service had information requested from the Payments Review Team so MYOB could update their business verification requirements to continue using the online invoice payments service. 

The requirements enabled MYOB to complete Know Your Customer (KYC) renewal checks in accordance with MYOB's legal obligations under the Anti Money Laundering and Counter Terrorism legislation (AML/CTF).  

If your service has been terminated, it is because MYOB hasn’t received the information from you, and your account could not be verified.  

This is in accordance with clause 11(a)(xiii) of MYOB’s Payment Service (Invoicing) Terms and Conditions.

Can I reapply for online invoice payments?

If your service has been terminated for online invoice payments because you didn’t complete your verification, you may be eligible to manually reapply through these steps:

Download and complete the application form.
Email the completed form along with applicable documents to applications@myobpayby.com for review.

Once the team have reviewed the completed form and advised nothing is more required, they'll send you an email to confirm your application has been successful. If more information is required, the team will get in touch and let you know.

How long will it take?

Applications can take up to 4-5 business days once the completed form and applicable documents have been received.

FAQs

What is KYC?

KYC means Know Your Customer and is a mandatory process of identifying and verifying customer’s identity when opening an account and periodically over time. This process ensures that customers are genuinely who they claim to be.

What is AML/CTF?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) places a number of obligations on businesses in the financial sector in order to deter and prevent money laundering and terrorism financing.

Why did I need to verify information?

In line with industry and compliance regulations, MYOB is required to adhere to AML/CTF and KYC processes which requires customer assessments within financial services either when opening an account, or periodically over time. For more information on the information requirements for online invoice payments, see the additional FAQs in Updates to online invoice payments.

Related topics

Online invoice payments explained

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